Welspun India’s business arm - Welspun Energy (WEL), the country’s biggest developer of solar projects, has achieved financial tie-up for a 20 MW solar project it is setting up in Maharashtra entailing an investment of Rs 180 crore. Leading financial institutions have committed to a long term project funding of Rs 135 crore, with debt and equity elements sourced in a ratio of 75:25. The project is been set-up by WEL’s subsidiary - Welspun Energy Maharashtra (WEMPL).
Besides, WEL has inked a memorandum of understanding (MoU) with Brihan Mumbai Electric Supply and Transport Undertaking (BEST) for supplying green energy to Mumbai city. With the commissioning of the above solar project, nearly 28 million units of clean and efficient solar energy will be supplied to BEST annually.
The project, which is to be completed this year, will address Maharashtra’s annual peak deficit of 14.8% and will generate enough energy to power 96,000 households and mitigating 33,282 tonnes of carbon emissions annually. This will be the first project executed by Welspun Energy in Maharashtra. Besides, the company has also been awarded 32 MW capacities by Punjab Energy Development Agency (PEDA).
Welspun Energy currently has built up more than 300 MW clean energy capacity on-ground, of this 111 MW clean energy projects are operational. With the recent spate of projects, the clean energy generator is well on its way of reaching 1.75 GW capacity target.